Day: September 30, 2010

After the President of Ecuador was injured in what he called an attempted Coup D’état, Congressman Dennis Kucinich (D-OH) today wrote to President Obama, urging him to make it clear that the United States will only recognize the democratically elected government of Ecuador led by President Rafael Correa.

Follow @Evagolinger on Twitter for up to the minute updates on the Ecuador situation.

A third coup d’etat is underway against a nation member of the Bolivarian Alliance of the Americas (ALBA), a Latin American bloc of nations that opposes US hegemony in the region and has created new mechanisms for trade and integration based on principles of solidarity and independence from imperial powers.

I’m writing in response to the George Soros lectures recently given at the CEU and made available at the Financial Times web site.

I have a degree in economics and an MBA in Finance, both from highly regarded schools. It’s been 40 years since I got my Wharton MBA and it’s taken me almost that long to figure out that my degree was designed more to help me make money for people, (many of whom extract more from society than they contribute to it), than it was to help me understand the dysfunctional institutions they own or manage.

I think Soros made some excellent observations during his lectures and his ambitious attempt to formulate a new economic theory is noteworthy. My view is that his observations are not only insightful, as they obviously contributed to his success in business, but I think his theory, once expanded, will be helpful in preventing another debacle like the one we’re going through now. In any event, he’s right that something needs to change, as most of the economists we hear from in the main stream media operate inside a box that would best be dismantled. I think he made that point as well.

Washington, D.C. – There are currently reports of a possible attempted coup d’etat underway in Ecuador. There have been violent protests by police and some elements of the military, reports that President Correa has been injured, and reports that the air force has closed down a number of airports.

The Organization of American States will convene an emergency meeting at 2:30 Eastern Standard Time in Washington D.C., to consider the situation.

Lenin’s famous pamphlet ‘What is to be done?’ was written in 1901 and addressed in part, the issue of the political versus the economic struggle socialists have to engage in (not that the two can be separated) in order to get rid of capitalism.

To avoid misunderstanding, we must point out that here, and throughout this pamphlet, by economic struggle, we imply (in keeping with the accepted usage among us) the “practical economic struggle”, which Engels…described as “resistance to the capitalists”, and which in free countries is known as the organised-labour syndical, or trade union struggle. — Lenin, ‘What is to be done?‘

It is traditional for politicians to blame foreigners for problems that their own policies have caused. And in today’s zero-sum economies, it seems that if America is losing leadership position, other nations must be the beneficiaries. Inasmuch as China has avoided the financial overhead that has painted other economies into a corner, nationalistic U.S. politicians and journalists are blaming it for America’s declining economic power.

I realize that balance-of-payments accounting and international trade theory are arcane topics, but I promise that by the time you finish this article, you will understand more than 99% of U.S. economists and diplomats striking this self-righteous pose.

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The Golden Rule

“That which is hateful to you do not do to another ... the rest (of the Torah) is all commentary, now go study.” - Rabbi Hillel

Amendment I

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